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VAT Query

  • 14-06-2010 3:40pm
    #1
    MCannon
    Closed Accounts Posts: 19 ✭


    Anyone any good on VAT on property. If a long lease between two entities is surrenderred. What are the VAT implications?

    Note: A 4b exists between both entities!

    Thanks....


Comments

  • #2
    nompere
    Registered Users, Registered Users 2 Posts: 1,678 ✭✭✭nompere


    Talk to and pay a professional.

    Looking for advice on a a forum like this about what is probably the most difficult area in tax compliance is just asking for trouble, and likely to lead to an enormous tax-geared penalty following a Revenue audit.


  • #3
    mozattack
    Registered Users, Registered Users 2 Posts: 1,908 ✭✭✭mozattack


    It's actually quite a simple question if you work in VAT on Property... legacy leases being surrendered are commonplace.

    For some reason I couldn't be bothered giving out free advice when work like that normally generates a fee of around €400 - €500.


  • #4
    Clanket
    Closed Accounts Posts: 2,087 ✭✭✭Clanket


    He's a trainee accountant I think so you definately not going to get any fees out of him.

    If you know would you not just post it here. Not as if you're going to lose any fee income because of it.

    Of all the areas in accountancy, I dislike VAT on property the most.


  • #5
    Andrews Tax Consulting
    Closed Accounts Posts: 8 ✭Andrews Tax Consulting


    The surrender should give rise to a VAT liability for the landlord under self-supply rules although the tenant is required to furnish a "document" for this purpose.

    The implications for the landlord are a possible VAT liability unless he/she is intending to make taxable supplies in which case the VAT arising (under self-supply rules) will be matched by a VAT deduction thereby resulting in a VAT neutral event.

    Regards
    Derek


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